President Donald Trump announced the most sweeping sanctions yet of his second term, placing new restrictions on Lukoil and Rosneft, Russia’s two biggest oil companies. The president also sanctioned dozens of subsidiaries that help fund the Kremlin’s war machine against Ukraine.
The sanctions are expected to cut deeply into Russia’s economy, which is heavily reliant on oil exports. Rosneft and Lukoil are worth more than $50 billion each and are two of the biggest companies listed on the Moscow Stock Exchange, NBC News reported.
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The U.K. and E.U. have imposed similar measures, while European leaders prepare a new $200 billion package to keep Ukraine armed through next year.
What Trump is saying
When asked about the new sanctions, Trump said it was time.
“These are tremendous sanctions. These are very big. They’re against their two big oil companies. We hope they won’t be on for long. We hope that the war will be settled,” Trump said. “ I think that they’ll certainly have an impact. They’re massive sanctions and sanctions on oil. The two biggest oil companies. Among the biggest in the world. Hopefully, he’ll become reasonable, and hopefully Zelenskyy will be reasonable too. It takes two to tango, as they say.”
Response to the sanctions
Treasury Secretary Scott Bessent called the move a clear message to Russian President Vladimir Putin, saying the U.S. is ready to take further action if necessary to end yet another war.
NATO’s secretary-general, Mark Rutte, who was sitting alongside the president, praised the move, saying the sanctions “change the calculus” and turn up the heat on Putin to negotiate a ceasefire.
